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Dear John,
As Black History Month comes to a close it is important that we use this moment to recommit to the work – and the fight – for equity and inclusion. That fight isn’t confined to a month, it is ever ongoing, and in these times it can feel more daunting than ever. Which is why it is crucial that we not only reflect but celebrate the ongoing contributions that Black New Yorkers make daily.
Here at the Comptroller’s Office, we are honored to be a small part in that fight and take great pride in the moments of celebration.
Late last year we announced that the City’s five public pension funds have increased investments with Minority- and Women-owned Business Enterprise (MWBE) asset managers by over $6 billion.
That’s a 37% increase—from $16.8 billion at the end of FY22 to $23.08 billion at the end of FY24—since I took office. And here’s the kicker:
Our MWBE and emerging asset managers are among the best performers in our portfolio.
This helped the pension funds achieve a 10% return in FY24 that saved taxpayers $1.8 billion. That’s money the City can save to address affordable housing, school, and public safety needs.
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Investing in diverse asset managers delivers strong returns for our nearly 800,000 current and future municipal retirees.
Of course, we know this, and so do Rev. Al Sharpton, Public Advocate Jumaane Williams, and the nearly 900 asset managers we hosted at our annual Diverse & Emerging Managers Conference earlier this month.
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Celebrating the first coordinated, multi-state “ Emerging Managers Week [[link removed]] ” dedicated to helping pension funds invest with diverse asset managers, we gathered for a press conference to announce our strong commitment to staying the course on diversity, equity, and inclusion (DEI) despite mounting federal attacks and misinformation perpetuated by billionaire media owners.
As the Reverend said, we cannot be intimidated into backing off from DEI when it has consistently proven to drive better returns and stronger business.
You can watch the press conference below.
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In order to get results, you have to lay the groundwork, which is why I’m also pleased to announce our pension funds also scored a big win in our efforts to enhance corporate board diversity disclosure.
We reached agreements [[link removed]] with two of our portfolio companies – Boyd Gaming Corporation and NextEra Energy – to disclose crucial diversity metrics that will provide investors like the pension funds with decision-useful information on who has a seat at the table at publicly-traded companies. We know that diverse corporate boards set businesses up for more success, and our ongoing efforts to achieve greater commitment on this issue show that major corporations do to.
And finally, the Comptroller’s Office closed Black History Month earlier this week by celebrating giants in contemporary Black culture in one of the most historic locations in all of New York City.
Weeksville Heritage Center in Brooklyn is dedicated to preserving one of the country’s first, and largest free Black communities in pre-Civil War America. It is quite literally the foundation where the seeds of New York City Black culture, community and creativity were planted.
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It is here we honored the Brooklyn Chapter of the Delta Sigma Theta sorority and the sisterhood that has produced political leaders, from Shirley Chisolm to Rep. Yvette Clarke.
It is here we honored my good friend Stanley Richards , President & CEO of The Fortune Society, Inc. who, himself, was formerly incarcerated before becoming one of the most prominent voices in the fight to close Rikers and support New Yorkers returning from incarceration.
And it is here where we are honored the brilliant creator of the 1619 Project, Nikole Hannah-Jones . It’s hard to think of a more appropriate location to celebrate the work of a writer I have long admired, witnessing Nikole read the words of Audre Lorde to the packed audience is a moment I will never forget.
You can view our Black History Month celebration in full below.
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While the White House doubles down on hate, we are doubling down on what we know is fact: Without diversity and the contributions of Black Americans, this country would not be where it is today.
As Shirley Chisolm famously said, “if they don’t give you a seat at the table, bring a folding chair.” I promise to always pull up with a folding chair in the fight against racism and xenophobia.
Brad
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Office of the New York City Comptroller
Our mailing address is:
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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